Offices in the Philippines are usually hired for the exclusive temporary use of a company. The amount of these rented facilities depends on the high standard value of the property including the region of transportation which is beneficial for commuting of the employees and the comfort zone. The scope of the office rent which is measured per unit of areas has the possibility to increase considerably if the property is regarded as respected and valued as characterized by the height of the building and the quality of the materials used. Offices in the country are usually residential estate for business. The more the facility is honored, the more the company will benefit from it by being able to get a high quality of employees.
Global Demand for Office Use Increases
The demand for office use in areas around Philippines and throughout the world is increasing. As a matter of fact, the demand quickly exceeds and some major areas in Philippines experience high demand market for office space.
According to a research, other offices in particular areas like Makati, Ortigas, Fort Bonifacio and Quezon City are providing good outsourcing industries because of its rapid growth. Local and international companies are now contributing to the demand, making it substantial competition when it comes to office space most especially in Makati. The market seems growing in Pampanga too, where the office space is anticipated to remain strong for the year 2012. The demand for other cities must be built in the coming years. In this way, it is set to create opportunities for other people to have new jobs.
How to Open an Office in the Philippines
There are different procedures to follow if you are planning to build your own company in the Philippines. You can consider the three basic set up in selecting the right business enterprise.
Formed Under Philippine Laws
- Sole Proprietorship – It is a type of business owned by an individual who usually takes control of everything and personally owns all the assets and liabilities of the company. Any business under this category must apply for a business name and must be registered with the Department of Trade and Industry-National Capital Region.
- Partnership – This business scheme is handled as juridical person with disunite legal personality from its member. This type of partnership may be categorized as general where the partners have unlimited rights for the debts and obligation, while limited partnership have limitless liability and can only have financial obligation with the amount of their capital shares.
- Corporation – This type of business is described by the limited liabilities of its owners, the issuance of shares established under the corporation code and influenced by the Securities and Exchange Commission. The liability of the shareowners is limited to the amount of their capital share. This comprises of 5 to 15 incorporates and each of them must hold at least one share.
Formed Under Foreign Laws
- Branch office – It is a foreign business existing under the foreign laws that conveys business activities of the heard office and gains income from the main country. If you plan to build a business in the Philippines, you have to pay $200,000. The registration with the SEC is also necessary.
- Representative office – It is a foreign business existing under foreign laws. It does not gain income from the main country and having partial financial support from public funds. Representative office is necessary to have an initial remittance of $30,000 to address its operating expenses. It must also be registered under the SEC.
These are the requirements for opening an office company in the Philippines
- Reservation and verification of the business name. SEC will check if the name is registered or not. If the name is available they will issue a name verification reserving it for a month.
- Registration Sheet – This includes the information of the capital plan of the company including the name, nationalities and other important details of the stock owners, directors and officers.
- Document to change the business name
- Deed of Assignment – If the business consists of a land or a building, it must be submitted to the Registrar of Deeds for proper registration. These include the block, lot number, area and location.
- Affidavit – This is an affidavit fulfilled by the treasurer in trust attesting that the assets has been received by him and allowing the Bank and SEC to study the deposit of assets and the address area.
- Incorporation by Laws – This should be arranged by the help of the lawyer to ensure the best corporate system.
Despite of any business you want to build, it is important that you research a subject like these legal obligations and seek advice when establishing an overseas business even not just in the Philippines.